Developing resilience in business owners

More often than not, what we often read in media are success stories of how a business owner has achieved through simple grit, hard work and perseverance. We read about how many were down to their last dollar before the tides turned and they achieved success. What we may not read are the resilient mindsets that these business owners possess that allow them to succeed.

Resilience is defined as “the capacity to recover quickly from difficulties”. Many often ask if this is something inherent to a person, and whether in it, in fact, be developed.

However, perhaps a better way of approaching this theme of resilience is not to accept it as something binary and innate (i.e. you either have it or you do not), but instead as something, given the right guidance and application, can be gradually developed and strengthened in an individual.

Here are several ideas that business owners can adopt to develop a resilient mindset.

  1. Reframe how you see problems

The reality of business is that there will be ebbs and flows and many business owners (especially newer ones) struggle to deal with problems. Reframing is a skill one can employ by seeing the problem as a necessary challenge (a part of the business) that needs to be tackled to improve one’s skill as a business owner.

2. Keep perspective

It is important that when things go wrong, for one to have the ability to take a step back and see the bigger picture. There will always be problems of differing magnitudes. A resilient business owner will know how to channel his emotional energy into the key problems, while not obsessing over the smaller ones.

3. Nurturing a positive self-view

Successful business owners always back themselves. They have a belif (perhaps built through past experience) in their own ability to resolve issues. Even when they do not, they remove self-doubt from the equation preferring to look at the problem objectively instead.

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